CNOOC Ltd.

Company Background

CNOOC Ltd. is a core subsidiary of China National Offshore Oil Corp., or CNOOC, a major Chinese state-owned oil company under the direct control of the State Council of the People's Republic of China.

CNOOC Ltd.'s main business is exploring and developing offshore crude oil and natural gas fields. In line with government policy, the company has been engaged in offshore development in such areas as the East China Sea and the South China Sea. In recent years, CNOOC Ltd. has expanded through buyouts of foreign companies. The company's activities are closely watched at home and abroad.

The parent company was founded in 1982 to co-develop offshore oil fields with major players abroad, due to a lack of the necessary technology in China at the time. Since then, CNOOC has accumulated significant technical know-how through such partnerships. CNOOC is China's third-largest oil company after state-run players China Petrochemical Corp., or Sinopec Group, and China National Petroleum Corporation, or CNPC.

In 2005, CNOOC Ltd. made a move to acquire U.S. oil major Unocal, but the Chinese company withdrew its bid due to a backlash in the U.S. Congress. But the CNOOC group did not lose its appetite for overseas acquisitions. China Oilfield Services, a unit under CNOOC, bought Norwegian rival Awilco Offshore for $2.5 billion in 2008. CNOOC Ltd. acquired Canadian energy giant Nexen for $15.1 billion in 2013, putting the group among the ranks of the global oil industry heavyweights.

In line with Beijing's reform drive targeting state-owned enterprises, the CNOOC group is stepping up efforts to improve profitability by, for example, diversifying. In 2009, CNOOC launched retail gasoline sales. Also, the company has begun a project to construct charging stations for electric vehicles, aiming to strengthen its presence in the business-to-consumer market to improve profitability.

Business Summary

CNOOC Ltd. is an investment holding company, which engages in the exploration, development, production, and sale of crude oil, natural gas, and other petroleum products through its subsidiaries. It operates through the following segments: Exploration and Production, Trading Business, and Corporate. Its core operations areas is comprised of Bohai, Western South China Sea, Eastern South China Sea, East China Sea, Asia, Africa, South America, North America, Oceania, and Europe. The company was founded on August 20, 1999 and is headquartered in Hong Kong.

Financial Highlights

Dec 2022	HKD	USD
Revenue	462,844.12M	59,107.94M
Gross Profit	266,599.12M	34,046.29M
Operating income	232,475.63M	29,688.52M
Income before tax	224,271.52M	28,640.80M
Net income	164,779.84M	21,043.36M
EBITDA	308,936.03M	39,452.96M
Diluted EPS	3.55	0.45
Dividends Per Share	1.45	0.18
Total Assets	1,043.06B	133,640.83M
Total liabilities	371,231.65M	47,563.61M
Total equity	670,479.97M	85,904.45M
Operating cash flow	239,998.29M	30,649.20M
	Currency in HKD	Currency in USD

Historical Data

HKD | USD

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022
Revenue	266,634.78M	263,414.46M	174,501.71M	293,468.86M	462,844.12M
Gross Profit	119,195.14M	119,849.30M	66,116.99M	153,201.59M	266,599.12M
Operating income	99,012.05M	100,300.58M	49,797.59M	128,896.10M	232,475.63M
Income before tax	95,163.76M	95,982.62M	39,934.93M	115,067.51M	224,271.52M
Net income	62,391.10M	69,219.93M	28,042.89M	84,750.43M	164,779.84M
EBITDA	162,259.52M	168,894.59M	111,535.55M	201,276.25M	308,936.03M
Diluted EPS	1.39	1.50	0.60	1.83	3.55
Dividends Per Share	0.70	0.78	0.45	0.30	1.45
Total Assets	782,719.47M	847,594.41M	855,172.65M	962,182.82M	1,043.06B
Total liabilities	303,872.10M	346,210.87M	340,687.79M	372,598.14M	371,231.65M
Total equity	478,835.96M	501,339.91M	514,221.65M	588,283.12M	670,479.97M
Operating cash flow	145,712.70M	139,098.66M	91,918.11M	174,101.15M	239,998.29M

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022
Revenue	34,020.19M	33,619.37M	22,498.94M	37,755.69M	59,107.94M
Gross Profit	15,208.22M	15,296.26M	8,524.63M	19,709.86M	34,046.29M
Operating income	12,633.04M	12,801.28M	6,420.52M	16,582.89M	29,688.52M
Income before tax	12,142.03M	12,250.18M	5,148.91M	14,803.79M	28,640.80M
Net income	7,960.54M	8,834.48M	3,615.64M	10,903.41M	21,043.36M
EBITDA	20,702.84M	21,555.88M	14,380.56M	25,894.82M	39,452.96M
Diluted EPS	0.17	0.19	0.07	0.23	0.45
Dividends Per Share	0.08	0.09	0.05	0.03	0.18
Total Assets	99,972.47M	108,780.30M	110,290.07M	123,415.31M	133,640.83M
Total liabilities	38,811.92M	44,432.72M	43,937.88M	47,791.66M	47,563.61M
Total equity	61,159.09M	64,341.99M	66,318.23M	75,456.70M	85,904.45M
Operating cash flow	18,591.62M	17,753.05M	11,851.23M	22,398.66M	30,649.20M

Valuation Measures

Dec 2022
PER	2.80
ROA	16.43%
ROE	26.18%
Operating margin	50.22%
Profit margin	35.60%

Management

President, Chief Executive Officer & Director: Xin Huai Zhou
Chief Financial Officer: Wang Xin
Joint Secretary & Chief Compliance Officer: Yu Gao Xu
Vice President: Hongtao Yan
General Manager-Investor Relations Department: Jie Wen Li

Shareholders

China State-Owned Assets Supervision & Admn Commission (66.1%)
E Fund Management Co., Ltd. (1.1%)
Harvest Fund Management Co., Ltd. (0.5%)
Hang Seng Investment Management Ltd. (0.5%)
Zhong Geng Fund Management Co. , Ltd. (0.4%)
Invesco Great Wall Fund Management Co. Ltd. (Invt Mgmt) (0.2%)
Essence Fund Co., Ltd. (0.2%)
Orient Securities Asset Management Co. Ltd. (0.1%)
Zhong Ou Asset Management Co., Ltd (0.1%)
Baillie Gifford & Co. (0.1%)

Contact Details

Website:http://www.cnoocltd.com
Address: Bank of China Tower, 1 Garden Road, Hong Kong, 999077, Hong Kong
Phone: +852.2213.2500

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Competitors

Eco (Atlantic) Oil & Gas Ltd.
Imperial Oil Limited
Indonesia Energy Corporation Limited
Ratio Energies Limited Partnership
Longhua Technology Group (Luoyang) Co,. Ltd. Class A
Vista Energy SAB de CV Class A

Last Updated on 22 Sep, 2023